美联储昨日将利率下调75个基点，至2.25%，降幅低于不少市场人士预期。这一征兆表示，美联储觉得仅凭货币政策没办法解决信贷危机。
The US Federal Reserve cut interest rates by 75 basis points to 2.25 per cent yesterday, a smaller reduction than many in the markets had expected and a sign the central bank believes monetary1 policy alone will not solve the credit crisis.
美联储在政策声明中表示，经济增长前景已经进一步减弱，经济下滑风险依旧存在，这为在未来的政策会议上进一步降息留下了空间。
In a statement, the US central bank said the outlook for economic growth has weakened further and said downside risks remain leaving the door open to further rate cuts at subsequent policy meetings.
不过，美联储也明确表示，因为依旧担忧通胀，没像不少投资者预期那样降息100个基点。
But the Fed also made it clear that policymakers did not cut rates by 100 basis points as many investors2 expected because of ongoing3 concerns about inflation.
美联储表示：通货膨胀上升，一些通胀预期指标也已升高。它表示，决策者预计通胀或有所缓和，但相信通胀前景的不确定性增加了。
Inflation has been elevated and some indicators4 of inflation expectations have risen, the Fed said. It said policymakers expect inflation to moderate, but believe uncertainty about the inflation outlook has increased.
在历程一天上涨之后，金融市场在尾盘表现出对降息幅度不及预期的失望情绪，回吐部分涨幅。
After a day of gains, markets showed their disappointment that the cut was not bigger, giving up some of their advances.
美联储此举反映出，决策者决意发出信号，表明没忽略通货膨胀。美联储官员担忧，假如降息太多，债券市场或许会造反，推高长期利率和抵押贷款利率。
The Fed decision reflects policymakers determination to signal that they are not ignoring inflation. Officials worried that if they cut rates too far, the bond market could rebel, pushing up long-term interest rates and with them mortgage rates.
近来，美联储一直在采取积极手段，提升市场流动性供给，其中包含针对投资银行推出新的紧急筹资工具。
In recent days the US central bank has taken aggressive measures to boost the supply of liquidity5 to markets, including a new emergency finance facility for investment banks.
昨日早些时候，美国股市和信贷市场大幅上涨，雷曼兄弟和高盛好于预期的营业额，与对美联储大幅降息的预期，提振了投资者人气。
Earlier, stocks and credit markets rallied sharply as investors were buoyed6 by better-than-expected results from Lehman Brothers and Goldman Sachs and anticipated a big Fed rate cut.